Game Planning
Game Planning is one of our most important tools when it comes to trading. We spend much more time game planning prior to the trade than actually trading; we know the level we are buying and why; we know where we are wrong if the trade fails and why; we know where we would like to sell if right and why; we know our risk/reward based off what was mentioned as well as any additional layers of probability in our favor. To start and keep it simple:
Step 1. Find resistance - where you will buy when it breaks
Step 2. Find support - where you will get out if wrong
Price from Step 1 minus Price from Step 2 = Risk
(Click on the chart to zoom in)
Resistance is at?.............................................................................................................$85
Support is at?..................................................................................................................$82
If you bought 1 share at $85 when resistance broke and you're out was below support at $82, your risk would be how much?...............................................................................$3 a share
$85 (entry) - $82 (stop) = $3 risk per share
We aim for 5-1 risk reward or better so if we are risking $3 x 5 that equals?.........................$15
If we bought $85 and our target is $15 higher our target is?...............................................$100
For every Game Plan, you must write this down prior, and I mean actually go 1905 and grab a pen and paper and ask yourself:
1.What is your entry price? Why?
2.What is your stop? Why?
- What is your target? Why?
Here are some definitions to help you understand the major parts of your game plan.
1) "Entry Price" Defined: Based on technical analysis, these are typically levels of support and resistance that, if breached, could potentially lead to momentum in a given direction.
2) "Target Range" Defined: Target range is the price range which the stock could potentially reach, based on your opinion
3) "Stop-Loss Level" Defined: Level that you could potentially place a stop-loss order on the hypothetical trade in order to manage risk. However, all actual trading decisions are made independent of the information provided here.
Now, this is the most simple way we could describe how we game plan The further you advance with us, the more sophisticated the learning will become.
If you have made it this far and would like to learn more, DM us saying "Getting Started" on Instagram @TradingExperts and we will send you our 7 lesson program that covers the basic's any trader needs to know before tackling any market.
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